Prices gaped up at the open leaving two possible scenarios as labeled on the daily session chart. Prices have tested two minor resistance areas in what may be 5 waves. If the current decline is unable to decline below 1029 ( ES1-057) and 1032.5 (ES-057), then the move up may extend to 1043.5 - 1044.75 at a minimum. However, should 5 waves down develop from 1038.5, then the trend down would most likely continue in either a fifth wave of wave i circle or wave iii of 3.
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